Shareholders in online and digital media company Webfirm (ASX:WFM) have approved the company's acquisition of QDC IP Technologies.
Investors voted by a wide margin to allow Webfirm to proceed with the $3 million acquisition of QDC IP.
QDC IP specialises in the technologies and IP for display and video ad creation. Webfirm plans to integrate the purchase into its Adslot advertising sales automation business, which it bought earlier this year.
Speaking at the company's AGM, Webfirm chairman Adrian Giles said the purchase will “provide Webfirm with the necessary pieces of technology to create an entire advertising marketplace to extend the value and reach of the Adslot technology within our clients' businesses.”
He warned that “the road ahead of this business will not be easy, and it is certainly a long one,” but added that the opportunities for successful execution are significant.
The value of the global online advertising industry is currently an estimated US$420 billion ($437.1b), he said.
WFM shares closed Tuesday's trading unchanged at $0.180.
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